Personal Income Tax Plan will be brought forward and apply for the 2020-2021 income year

There will be changes in threshold for personal income tax brackets, also there is an increase in the low income tax offset.

  • The low income tax offset increase from $455 to $700 and adjust the phase out rules.
  • The top threshold of 19% personal income tax bracket from $37,000 to $45,000
  • The top threshold of the 32.5% personal income tax bracket increase from $90,000 to $120,000